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Corporate Responsibility

GFS

GlobalFoundries' stock is up following the announcement of John Hollister as the new CFO. This executive change could signal a strategic financial shift, potentially impacting investor confidence and the company's future financial planning.

Portfolio Pulse from Benzinga Newsdesk

December 11, 2023 | 3:45 pm

CYTO

Altamira Therapeutics Ltd (NASDAQ:CYTO) stock plummeted by 50% to $0.20 after announcing strategic changes, including a partial spin-off of its Bentrio business and a 20-for-1 reverse stock split scheduled for December 13. The company sold a 51% stake in Altamira Medica AG for approximately $2.3 million, retaining Bentrio, a key asset with expected sales growth from 2024. Altamira is also seeking partnerships for its inner ear therapeutics, particularly AM-125, which is in Phase 2 trials.

Portfolio Pulse from Henry Khederian

December 11, 2023 | 3:35 pm

SHAK

Shake Shack Inc (NYSE:SHAK) CEO Randy Garutti announced his intention to retire in 2024 after a successor is chosen. He will remain CEO and an executive Board member until then and will serve as an advisor through the end of 2024. The Board has initiated an external search for a new CEO. Shake Shack reiterated its Q4 revenue outlook of $276.25 million to $281.75 million and FY23 revenue of $1.08 billion, with expectations of low-single digits Same-Shack sales growth and a Shack-level operating profit margin of approximately 19.0%. The company also plans 40 new domestic and 40 licensed openings. SHAK shares rose 7.22% to $65.38.

Portfolio Pulse from Shivani Kumaresan

December 11, 2023 | 3:34 pm

CUEN

Cuentas, Inc. has enabled shareholders to cast proxy votes before the Annual Meeting on December 20, 2023. The company has filed a Definitive Proxy Statement for electing directors and ratifying its accounting firm. Cuentas has launched an electronic voting platform and distributed printed materials to facilitate this process. CEO Arik Maimon expressed satisfaction with the company's 2023 performance, expansion in various sectors, and remains optimistic about the share price reflecting the company's execution. Shareholders are encouraged to vote online or by mail.

Portfolio Pulse from Benzinga Newsdesk

December 11, 2023 | 3:25 pm

LLAP

Terran Orbital Corp is reviewing strategic alternatives to enhance shareholder value, potentially including an investment, sale, 'take private' deal, or strategic relationship. Jefferies LLC is advising on the process. No timetable for completion or assurance of outcome is provided.

Portfolio Pulse from Benzinga Newsdesk

December 11, 2023 | 3:13 pm

WFC

Wells Fargo is under scrutiny by the Consumer Financial Protection Bureau (CFPB) for potential mortgage pricing discrimination. The bank received a Matter Requiring Attention (MRA) notice regarding the use of pricing exceptions, which may have led to fewer discounts for Black and female borrowers. This practice could violate U.S. fair lending laws. Wells Fargo has a history of regulatory issues, including a $184 million settlement in 2012 for charging minorities higher fees and a $250 million fine in 2021 for mortgage business problems. The bank has since adjusted its policies, requiring documentation for competitive bids, and has refocused on serving existing customers and minority communities. The CFPB has increased fair lending probes, with 32 investigations last year, and several banks received MRAs, though they were not named.

Portfolio Pulse from Benzinga Newsdesk

December 11, 2023 | 3:04 pm

LHX

L3Harris Technologies (NYSE:LHX) has appointed Kirk Hachigian and Bill Swanson to its Board of Directors and plans to add another independent director in 2024. A Business Review Committee is being formed to evaluate the company's operational performance and value creation levers, with results expected in 2024. L3Harris has also entered into a cooperation agreement with D. E. Shaw group, a major investor, regarding the appointment of the additional director and other governance matters. The company is adjusting its long-term incentive plan to focus more on shareholder return and will discuss its strategy and value creation initiatives at its Investor Day on Dec. 12, 2023.

Portfolio Pulse from Benzinga Newsdesk

December 11, 2023 | 2:55 pm

INFY

Infosys announced the resignation of CFO Nilanjan Roy, effective March 31, 2024. Jayesh Sanghrajka has been appointed as the new CFO and key managerial personnel, starting April 1, 2024.

Portfolio Pulse from Benzinga Newsdesk

December 11, 2023 | 2:34 pm

SNOW

Snowflake (NYSE:SNOW) has received FedRAMP High Authorization on AWS GovCloud, enabling it to handle sensitive unclassified federal data. This authorization allows Snowflake to offer its Government & Education Data Cloud for various government workloads and critical data analytics. Snowflake also announced enhanced governance capabilities with Snowflake Horizon at its 2023 Snowday event. The platform supports regulated workloads and enables secure data sharing for public sector organizations.

Portfolio Pulse from Benzinga Newsdesk

December 11, 2023 | 2:20 pm

IINN

Inspira Technologies OXY B.H.N. Ltd. (IINN) has appointed Dr. Dan Gorfil to its Medical Advisory Board. Dr. Gorfil's expertise is expected to contribute to the company's development of innovative medical technologies.

Portfolio Pulse from Benzinga Newsdesk

December 11, 2023 | 2:11 pm